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008	240829t20242024onca    ob   f000 0 eng d
040	|aCaOODSP|beng|erda|cCaOODSP
041	0 |aeng|beng|bfre
043	|an-cn---
086	1 |aFB3-5/2024-23E-PDF
100	1 |aXiao, Hongyu, |eauthor.
245	10|aDemand for Canadian banknotes from international travel : |bindirect evidence from the COVID-19 pandemic / |cby Hongyu Xiao.
264	1|a[Ottawa] : |bBank of Canada = Banque du Canada, |c2024.
264	4|c©2024
300	|a1 online resource (ii, 42 pages) : |bcolour illustrations.
336	|atext|btxt|2rdacontent
337	|acomputer|bc|2rdamedia
338	|aonline resource|bcr|2rdacarrier
490	1 |aStaff working paper = Document de travail du personnel, |y1701-9397 ; |v2024-23
500	|aISSN assigned to different series.
500	|a"Last updated: June 14, 2024."
504	|aIncludes bibliographical references (pages 32-34).
520	3 |a"Recent trends suggest that domestic demand alone may not be enough to explain the increase in overall demand for Canadian banknotes (Engert et al., 2019). Estimating foreign cash demand is difficult due to data availability issues and confounding factors that simultaneously affect domestic demand. In this paper, I provide a quantitative causal estimate of banknote demand from international visitors to Canada by exploiting the exogenous shock from COVID-19 international travel restrictions, which led to an unprecedented drop in cross-border travel. To identify international visitor demand shocks from contemporaneous domestic demand shocks due to the pandemic, I apply a difference-in-differences strategy, taking advantage of foreign traveler demand's distinct regional patterns and data from the Bank of Canada's Bank Note Distribution System. I find that each international visitor brought on average $165 worth of hundred-dollar notes with them to Canada prior to the pandemic. Under plausible assumptions, total holdings by international visitors constitute roughly 10% of total $100 CAD notes in circulation at the end of 2019"--Abstract, page ii.
546	|aIncludes abstracts in English and French.
650	0|aDemand for money|zCanada|xEconometric models.
650	0|aVisitors, Foreign|zCanada|xFinance, Personal|xEconometric models.
650	0|aTravel restrictions|zCanada|xEconometric models.
650	6|aMonnaie|xDemande|zCanada|xModèles économétriques.
650	6|aVisiteurs étrangers|zCanada|xFinances personnelles|xModèles économétriques.
650	6|aCirculation internationale des personnes|xRestrictions|zCanada |xModèles économétriques.
710	2 |aBank of Canada, |eissuing body.
830	#0|aStaff working paper (Bank of Canada)|v2024-23.|w(CaOODSP)9.806221
856	40|qPDF|s2.08 MB|uhttps://publications.gc.ca/collections/collection_2024/banque-bank-canada/FB3-5-2024-23-eng.pdf